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Just when the really cynical rant was taking shape, the Senate this evening extended the deadline to close escrow and receive the $8,000 (or $6,500 for move-up buyers) tax credit to September 30. As I’ve said before, this only applies to buyers who were under contract on or before April 30 who previously had to close escrow before midnight tonight – they’ve now got another three months to get it done. Technically speaking, the measure still needs to be signed by President Obama but that’s a fait accompli at this point in time. So, dear buyers, you received a reprieve. […]
If you’re one of the supposed 5,400-plus buyers in Arizona hoping to see the closing deadline to receive the homebuyer tax credit extended until September 30, this may not be the best news. Senate leaders have determined the extension isn’t about you; rather, the extension reportedly is being used as a bargaining chip to try and rally support for a bill extending unemployment benefits – a measure that itself has failed to move forward as part of larger legislation. What do unemployment benefits and the $8,000 homebuyer tax credit have in common? Nothing whatsoever but that’s not really the point. […]
Who says Congress can’t move quickly when its members are in the mood? The House today approved nearly unanimously a stand-alone bill that would extend the deadline to close escrow and receive the Homebuyer Tax Credit to September 30. This still only applies to buyers who were under contract by April 30 and who otherwise would have to close escrow by midnight tomorrow. The measure still would need to be passed by the Senate, where business has slowed due to the death of Senator Robert Byrd, and signed by the president to take effect. Stay tuned.